ASIC updates guidance for trustees of wholesale equity schemes

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ASIC has released Regulatory Guide 192 Licensing: Wholesale equity schemes (RG 192) following public consultation. The updates to the guidance reflect: the changes made to the relief provided in ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 to trustees of wholesale equity schemes that are operated by a manager holding an Australian financial services (AFS) licence; and the amendments made […]

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Information on new professional standards for financial advisers now available on ASIC website

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The Australian Securities and Investments Commission (ASIC) has created a new section on its website to help financial advisers navigate the incoming professional standards requirements. The new requirements are aimed at lifting the education, training and ethical standards in the financial advice sector. ASIC’s website now provides an overview of the new requirements, as well […]

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ASIC warns financial services licensees against ‘cutting corners’ on death nomination forms

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The Australian Securities and Investments Commission (ASIC) is putting the financial advice sector on notice about meeting requirements for witnessing signatures, after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation benefits. ASIC has become aware of a widespread practice among financial advisers of witnessing or having staff members witness […]

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ASIC paper (CP 176) reviewing regulatory approach to platforms

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ASIC yesterday announced it is reviewing its regulatory approach to platforms as part of broader efforts to promote investor confidence in the sector. The platforms sector attracts significant funds. In the last decade the level of non-superannuation-related investment in platforms has doubled to around $100 billion of funds under management. ‘The platforms sector has changed […]

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ASIC releases proposal to improve unlisted property scheme disclosure

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ASIC has released a consultation paper outlining proposals to improve disclosure for retail investors considering investing in unlisted property schemes. The proposals follow an ASIC review of disclosure documents issued by responsible entities in the $28 billion unlisted retail property sector. ASIC found a number of key disclosures were not adequately addressed, including: the risks associated […]

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ASIC proposes major improvements in quality of prospectuses

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ASIC is proposing an overhaul of prospectuses that would make them much easier for retail investors to use and would improve the quality of information on the proposed business model and the associated risks. X ASIC Commissioner Belinda Gibson said the proposals – which are the subject of consultation with industry – were aimed at ensuring the focus […]

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ASIC consults on compensation requirements for traditional trustee company services

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ASIC has released a consultation paper inviting feedback on its proposal regarding the administration of compensation requirements for trustee companies providing traditional trustee company services (traditional services) to retail clients. Click here to download the document (pdf)

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